HLPR Mortgage
DuTrac Community Credit Union consistently works to provide loan programs to assist lower-income borrowers in achieving their dream of home ownership. DuTrac’s Home Loan Payment Relief mortgage (HLPR, pronounced “helper”) is a mortgage allowing credit union members with lower incomes to buy a home with a low down payment.
Basics of the HLPR program include:
- A three-year adjustable rate mortgage offered to qualifying borrowers at below market rates.
- DuTrac Community Credit Union bears a portion of the cost, so that the loans can be offered at a more affordable rate to you as part of DuTrac’s commitment to serving people of modest means.
- Low down payment required. After three years, the rate will adjust annually to market rates, with rate adjustments capped at 1% a year and 5% over the life of the loan.
- The loan is available to borrowers whose household income is at, or below, the area median income. (Example: Dubuque County $59,200; Scott County $58,800; Jackson County $53,500; Jones County $62,900)* *Median Income levels are as of December 31, 2008.
- The HLPR mortgage program will benefit qualifying borrowers through -lower monthly payments, by qualifying for a larger mortgage, or by lowering the required income level needed for a given mortgage.
DuTrac Community Credit Union is about “people helping people” from all walks of life. With this HLPR loan, DuTrac’s giving lower-income members an opportunity to purchase a home and begin to build wealth as equity in their home accumulates.
If you have further questions regarding DuTrac Community Credit Union’s HLPR Mortgage Loan, please contact our highly qualified real estate department by e-mail at realestate@dutrac.org, by phone at (563) 582-1331, or 1-800-475-1331 to schedule your appointment.
